Exhibit 10.2

AXCELIS TECHNOLOGIES, INC.
Axcelis Management Incentive Plan
Adopted by the Compensation Committee of the Board of Directors on February 11, 2010,
amending and restating the Axcelis Team Incentive Plan
originally adopted by the Compensation Committee on January 26, 2005

1.Purpose.The Compensation Committee of the Board of Directors
of Axcelis Technologies, Inc. (together with its affiliates, the "Company") has adopted this Plan in order to provide incentives in the form of cash bonuses to the Company's executive officers
and other managers to make significant contributions to the Company's success and profitability.

2.Administration.

(a)   This
Plan shall be administered by the Compensation Committee (the "Committee") of the Company's Board of Directors. Subject to the express terms of the Plan, the
Committee shall have full power and authority to construe, interpret and administer the Plan. The Committee's decisions hereunder shall be final and binding.

(b)   The
Committee shall from time to time: (i) determine the executive officers and other managers who will participate in the Plan (each, a "Participant") for any
fiscal year or other period (a "Performance Period"); (ii) set a target bonus amount and any additional potential bonus amounts for each Participant for each Performance Period; and
(iii) establish Performance Goals in accordance with Section 3 and any other terms and conditions applicable to participants' incentive bonuses for each Performance Period.

(c)   A
Participant's potential bonus and applicable Performance Goals established under the Plan shall be evidenced by a writing delivered to the Participant and containing
such other terms and conditions not inconsistent with the provisions of the Plan as the Committee considers necessary or advisable to achieve the purposes of the Plan or to comply with applicable tax
and regulatory laws and accounting principles.

3.Performance Goals.

(a)   The
Committee shall establish for each Participant and for each Performance Period one or more goals related to the performance (defined by absolute and/or relative
measures) of the Company, any of its divisions, business units, subsidiaries, products or lines of business, and/or the Participant personally ("Performance Goals"). Such Goals may be based on any one
or more of the following criteria: revenue; revenue growth; sales; expenses; margins; net income; earnings or earnings per share; cash flow; shareholder return; return on investment; return on
invested capital, assets, or equity; profit before or after tax; operating profit; return on research and development investment; market capitalization; product development and improvements; market
share; cycle time reductions; customer satisfaction measures; strategic positioning or marketing programs; business/information systems improvements; expense management; infrastructure support
programs; human resource programs; customer programs; technology development programs; and any other financial metric(s) and/or operational or strategic programs. Personal performance may be a
multiplier against other Performance Goals.

(b)   The
Committee may determine threshold, target(s), or other levels of performance that must be achieved, with corresponding threshold, target, maximum, upside, or other
bonus payments contingent upon the attainment of the relevant Performance Goals. In establishing the performance levels, the Committee may specify the measures to be used to evaluate Performance Goal
achievement and the weighting of each Performance Goal.

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4.Bonus Payments.

(a)   Within
a reasonable time after the end of any Performance Period (which may at the Committee's discretion be after the Company's receipt of an audit opinion on its
financial statements in the case of a fiscal year period) and before payment of any bonus, the Committee shall determine the extent to which the respective Performance Goals and any other material
terms of the bonus awards have been satisfied and shall determine the date of payment.

(b)   The
Committee may in its discretion at any time modify or terminate any Participant's eligibility for any payment hereunder if the Committee determines that the
Participant has engaged in activity in competition with, or otherwise harmful to the interests of, the Company. No benefit under the Plan may be assigned or transferred by a Participant during the
Participant's lifetime.

(d)   To
be eligible to receive a bonus under the Plan, the Participant must be actively employed by the Company on the date of payment, except to the extent otherwise
provided by the Committee. If a Participant's employment with the Company is terminated for any reason before the payment date, the Participant will not be eligible for a bonus under this Plan and the
Participant shall forfeit all rights to such payment, except to the extent otherwise provided by the Committee. Payment of any bonus shall be made in cash or, in the Committee's discretion, in the
form of an equity award under any equity compensation plan of the Company. Participants may defer receipt of all or any portion of a bonus under this Plan if and to the extent permitted under any
deferred compensation plan of the Company.

(e)   A
Participant shall pay to the Company, or make provision satisfactory to the Committee for payment of, any taxes required by law to be withheld in respect of payments
under the Plan no later than the date of the event creating the tax liability. The Company may, to the extent permitted by law, deduct any such tax obligations from the Participant's respective bonus
or from any other payment due to the Participant.

5.Change in Control.In addition to any rights a Participant
may have under a Change of Control Agreement with the Company, in order to preserve a Participant's rights hereunder in the event of a change in control of the Company (as defined by the Committee),
the Committee in its discretion may, at any time, take one or more of the following actions: (i) provide for the acceleration of any time period relating to any payment hereunder,
(ii) provide for payment to the Participant upon the change in control of cash or other property equal to the amount that would otherwise have been paid hereunder, (iii) adjust the
criteria applicable to the payment of any amount hereunder in a manner determined by the Committee to reflect the change in control, (iv) cause the Company's obligations under this Plan to be
assumed, or new obligations substituted therefor, by another entity, or (v) make such other provision as the Committee may consider equitable to Participants and in the best interests of the
Company.

6.Unfunded Plan.The Plan shall be unfunded. The Company shall
not be required to segregate any assets for payment under the Plan, nor shall the Plan be construed as providing for such segregation, nor shall the Company, the Board of Directors or the Committee be
deemed to be a trustee of any amount payable under the Plan. Any liability of the Company to any Participant under the Plan shall be based solely upon any contractual obligations that may be created
pursuant to the Plan, and no such
obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company.

7.No Right to Continued Employment.No person shall have any
claim or right to participate in the Plan. Participation in any period shall not confer any right to participate in any subsequent period. Neither the adoption, maintenance or operation of the Plan
nor any notification of a potential bonus hereunder shall confer upon any person any right with respect to continued employment with the Company nor shall they interfere with the rights of the Company
at any time to terminate or otherwise change the terms of his or her employment, including, without limitation, the right to promote, demote or otherwise re-assign any employee from one
position to another within the Company.

8.Code Section 409A.The awards payable under this Plan
are intended to comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended,

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and,
accordingly, to the maximum extent permitted, the terms of the Plan shall be interpreted to be in compliance therewith.

9.Amendment and Termination of Plan.The Committee may amend,
suspend or terminate the Plan in order to comply with any legal requirements or for any other purpose permitted by law. The Committee shall determine the effect of such action on any proposed
payment(s) under the Plan.

10.Governing Law.The Plan shall be governed by, and construed
in accordance with, the internal laws of the Commonwealth of Massachusetts.

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